Many financial advisers recommend buying a home to take advantage of the associated tax benefits. If you want the investment portfolio without the hassle of home ownership, life management blog My Life ROI has some suggestions.

Buying and long-term renting each come with their own long lists of pros and cons. On the one hand, the tax benefits of home ownership are pretty sweet. On the other, renters aren't beholden to a fickle real estate market and can move fairly quickly if the dwelling no longer suits.

Many homeowners and serial renters each believe steadfastly—and with good reason—in their decision. How, though, do you know which option is right for you? While each situation is unique, blogger MLR says there are a few things to consider when deciding whether to plunk down your cash on a mortgage down payment or a rental deposit.

His post takes a look at the costs and benefits of both options, including some factors that often get overlooked. For instance, if you choose to rent a home, you can still bulk up your investment portfolio as easy as if you owned:

Take the amount you would have used for a down payment and put it into an index fund or other investment vehicle depending on your risk tolerance.

If your mortgage payment would be greater than your rent, take the difference and invest that, too.

You are sacrificing the main benefit of renting if you do not invest this extra money.

This allows you to start investing immediately, serves to not "tie you down" to any location, and is generally less hassle since you don't have to worry about maintenance.